Peso is appreciated in the market attentive to Powell’s appearance


The Mexican peso appreciates against American dollar this Tuesday morning. The local currency advances for the fourth session in a market attentive to the appearance of Jerome Powell, president of the Federal Reserve (Fed).

The exchange rate stands at 19.8161 units compared to the record of 19.8848 units from yesterday’s close of Bank of Mexico (Banxico). This means a gain of 6.87 cents for the peso or a variation of 0.35 percent.

The cross trades in an open range between a high of 19.9428 units and a low of 19.7932 units. The Dollar Index (DXY), which compares the greenback with six benchmark currencies, falls -0.06% to the level of 102.02 points.

Jerome Powell will appear a day after two members of the Federal Open Market Committee hinted at a moderation in the expected pace of monetary policy adjustments to respond to inflation.

Ci Banco analysts said that the rate differential could be the factor that explains the appreciation of the peso, since inflation in developed countries marks peaks of several decades and makes emerging debt attractive.

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